Answers for Stressed-Out Parents Preparing for College, Part 2

by Ian Welham

There are certain mistakes we see New Jersey parents make time and again that cost them thousands of dollars that could, and should, be theirs.  

QUESTION: What are the biggest mistakes you see parents making that cost them money?

In the free community workshops we give every month, we cover the 10 deadliest mistakes most parents make when applying for college aid. We don’t have the space to get into all 10 here, but here are three really important ones:

1.)  The biggest reason why many people don’t get the financial aid they’re entitled to is because they don’t apply for it. Perhaps they believe they make too much money. This is a mistake, because even if you don’t qualify based on financial need, many schools won’t even consider you for merit-based aid if you don’t try applying for financial aid. And there are billions of dollars of merit aid available. Even millionaires and “B” students can qualify for these awards at many schools. So make sure you fill out the FAFSA (Free Application for Federal Student Aid).

2.)  Another big mistake is waiting until the child’s senior year of high school to start working on college aid planning. This is a mistake for one very important reason: College financial aid is distributed on a first-come, first-serve basis. Every school you’re applying to will have a financial aid application deadline. Whatever you do, don’t miss that deadline, because if you do, your aid application might never be reviewed.

3.)  Finally, we see parents spending too much time chasing after scholarships. Don’t get me wrong. We’re not saying don’t pursue scholarships. If your child has a special talent or skill that qualifies them for a scholarship… by all means, go after it con gusto. But when you’re trying to decide the best way to apportion your time and maximize results, keep this fact in mind: Scholarships represent only 3% of the total financial aid money available. That’s right. Only 3%. Federal need aid and college merit aid make up the bulk of the aid money available. So don’t step over dollars to pick up pennies.

Ian Welham and his company Complete College Planning Solutions have been featured in Forbes, AOL, the Newark Star-Ledger, Channel 11, and numerous radio programs. Every year, thousands of families attend his free community workshops and hundreds of families seek his advice on how to find the schools where higher income families receive aid. He can be reached at:info@CompleteCollegePlanningSolutions.com